Xiaomi 2026 Q1 Revenue Reaches RMB99.1 Billion; Improvements on Structural Indicators Drive Enhanced Operational Quality

Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended March 31, 2026 (“the Period”). Leveraging a solid foundation and driven by continuous innovation, the Group demonstrated strong resilience in the first quarter. Total revenue reached RMB99.1 billion, remaining at a high level. Adjusted net profit was RMB6.1 billion, exceeding market expectations. The operating profit of its core business (smartphone × AIoT) grew by nearly 200% quarter-over-quarter.

During the Period, the Group’s “Human × Car × Home” strategy continued to deliver results, with all core businesses performing steadily. Revenue from the smartphone business reached RMB44.3 billion, with the premiumization strategy driving global smartphone average selling price (“ASP”) to a record high. Revenue from the smart electric vehicle (“EV”), artificial intelligence (“AI”) and other new initiatives segment grew 6.9% year-over-year to RMB19.9 billion, demonstrating strong resilience. Revenue from the IoT and lifestyle products segment was RMB24.7 billion, with overseas revenue from this segment hitting a record high on double-digit year-over-year growth.

Premiumization Strategy Advances as Global Smartphone ASP Hits Record High

The smartphone business made steady progress, with revenue reaching RMB44.3 billion in the first quarter of 2026 on global shipments of 33.8 million units. According to Omdia, Xiaomi’s global smartphone shipments ranked in the top three for the 23rd consecutive quarter. The Group’s smartphone shipments ranked among the top three in 47 countries and regions globally.

The Group’s premiumization strategy delivered notable results. Global smartphone ASP increased by 8.2% year-over-year to a record high of RMB1,310. According to third-party data, in the first quarter of 2026, premium smartphones (retail price at or above RMB3,000) accounted for 23.5% of the Group’s total smartphone units sold in the Chinese Mainland. In May 2026, Xiaomi officially unveiled the Xiaomi 17 Max, completing the full lineup of standard and Pro models with both large and small screens for Xiaomi’s flagship numbered series and enabling the Group to meet diverse user needs with a more comprehensive premium product portfolio.

Smart EV Business Maintains Growth Momentum with New Product Matrix Gaining Market Recognition

In the first quarter, revenue from the smart EV, AI and other new initiatives segment grew 6.9% year-over-year to RMB19.9 billion, with new vehicle deliveries reaching 80,856 units, an increase of 6.6% year-over-year.

The Xiaomi SU7 Series and Xiaomi YU7 Series have been widely recognized by the market since their launch. The New-Generation Xiaomi SU7, officially launched in March 2026, has been met with strong market demand. As of May 6, 2026, locked-in orders for the New-Generation Xiaomi SU7 surpassed 80,000 vehicles during its initial sales period. As of April 23, 2026, cumulative deliveries of the New-Generation Xiaomi SU7 surpassed 26,000 vehicles; and cumulative deliveries of the Xiaomi YU7 Series reached 232,000 vehicles in the first 10 months after launch.

According to Yiche, from January to April 2026, the Xiaomi SU7 ranked No. 1 in units sold among pure electric sedans priced above RMB200,000, while the Xiaomi YU7 ranked No. 2 in cumulative units sold among SUVs of the same class.

The Group continued to enrich its product portfolio as it advances toward becoming a top global automaker. The Xiaomi YU7 Standard Edition and Xiaomi YU7 GT were officially launched in May. The Xiaomi YU7 GT, positioned as a “sports car-level SUV designed for long-distance travel,” set the fastest Nürburgring Nordschleife lap time for an SUV at 7:22.755, marking the first time a Chinese SUV has claimed the top spot globally. The Group also continued to expand its sales and service network. As of March 31, 2026, Xiaomi had opened 490 smart EV sales centers across 143 cities in the Chinese Mainland.

IoT Gross Profit Margin Remains at High Level; Internet Services Revenue Maintains Healthy Growth

In the first quarter, the Group’s IoT and lifestyle products business maintained high levels of revenue and gross profit margin. Revenue reached RMB24.7 billion, and gross profit margin was 25.2%, an increase of 5.1 percentage points quarter-over-quarter. Revenue from overseas IoT and lifestyle products reached a record high, posting double-digit year-over-year growth, with strong momentum in overseas markets for categories including tablets, TVs, and large home appliances.

During the Period, Xiaomi’s tablet products achieved steady sales growth. According to Omdia, Xiaomi’s tablet shipments ranked among the top five globally for the 8th consecutive quarter and among the top three in the Chinese Mainland. Xiaomi’s wearable band devices maintained their leading position, with global shipments ranking No. 3 and shipments in the Chinese Mainland ranking No. 2 in the first quarter of 2026. The Group’s TWS earbuds also performed well, ranking No. 2 in shipments both globally and in the Chinese Mainland. In May 2026, the Group launched the Xiaomi Smart Band 10 Pro and its first clip-on earbuds, further expanding its wearable product portfolio.

The synergy between hardware and software continued to solidify the leading advantages of Xiaomi’s smart ecosystem. As of March 31, 2026, the number of connected IoT devices on the Group’s AIoT platform (excluding smartphones, tablets and laptops) reached 1,118.7 million, up 18.5% year-over-year. The number of users with five or more devices connected to the Group’s AIoT platform reached a record high of 23.6 million, an increase of 22.3% year-over-year. In March 2026, the MAU of Xiaomi AI Assistant reached a record high of 169.3 million, up 15.5% year-over-year. The MAU of the Xiaomi Home App grew 10.0% year-over-year to 117.0 million.

The internet services business maintained healthy growth, with revenue reaching RMB9.5 billion in the first quarter, up 4.3% year-over-year. Gross profit margin was 76.1%. Revenue from overseas internet services was RMB3.0 billion, up 9.0% year-over-year. Revenue from internet services in the Chinese Mainland reached a record high. Xiaomi’s user base also continued to expand. In March 2026, MAU in the Chinese Mainland reached a record high of 195.8 million, up 8.1% year-over-year.

Quarterly R&D Expenses Rise 33.4% YoY as AI Accelerates Reshaping of “Human × Car × Home” Ecosystem

Xiaomi remains committed to long-term investment in foundational core technologies and investing resolutely in the future. In the first quarter, R&D expenses reached RMB9.0 billion, an increase of 33.4% year-over-year. R&D personnel totaled 26,048. The Group announced it will invest at least RMB16 billion in AI this year, with total investment set to exceed RMB60 billion over the next three years to accelerate the creation of a closed-loop AI experience within the “Human × Car × Home” ecosystem.

Xiaomi achieved major breakthroughs in foundation models. Xiaomi MiMo-V2.5-Pro ranked first among global open-source models on both the Artificial Analysis Intelligence Index and the Agentic Index. Xiaomi MiMo-V2-Pro topped the global daily and weekly call volume charts on OpenRouter via Hermes Agent. On April 28, 2026, the Group officially open-sourced the Xiaomi MiMo-V2.5 series under the MIT License.

The Group is leveraging its leading AI capabilities to comprehensively empower its “Human × Car × Home” ecosystem. In April 2026, Xiaomi launched a limited closed beta of Xiaomi miclaw across multiple devices, which now supports smartphones, tablets, PCs, Macs, and Xiaomi Smart Home Screen. Xiaomi miclaw was also among the first in the Chinese Mainland to pass the CAICT’s authoritative assessment for mobile intelligent assistants. In embodied intelligence, Xiaomi successively launched its first-generation robotics VLA large model and a tactile-driven fine-grasping fine-tuning model for robots. In March 2026, Xiaomi’s humanoid robot officially entered the EV factory for hands-on practice and training, taking a critical step toward physical AI.

About Xiaomi Corporation

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core.

Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts”, Xiaomi continuously pursues innovations, high-quality user experience and operational efficiency. The Company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

Xiaomi is one of the world’s leading smartphone companies. In March 2026, the MAU reached 746.2 million (including smartphones and tablets) globally. The Company has also established the world’s leading consumer AIoT (AI+IoT) platform. As of March 31, 2026, the number of IoT devices connected to its platform (excluding smartphones, laptops and tablets) reached 1,118.7 million. In October 2023, Xiaomi upgraded its strategy to “Human × Car × Home” smart ecosystem, seamlessly merging personal devices, smart home products, and cars. Xiaomi always centers on humanity and is committed to providing comprehensive, better connected experiences. Xiaomi products are present in more than 100 countries and regions around the world. In July 2025, Xiaomi was included in the Fortune Global 500 list for the seventh year in a row, ranking 297th.

Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index.